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Qatar buys important stake in Tiffany

Qatar’s sovereign wealth fund has acquired a 5.2 percent stake inTiffany, the US-based jewellery retailer, it was reported on Friday.

The stake expands the portfolio of the Qatar Investment Authority, which also owns Harrods, the luxury London department store, a 17 percent stake in Volkswagen and a one percent stake in LVMH, the French luxury group which owns Louis Vuitton, the UK’s Financial Times reported.

QIA acquired its position last year and reported it this year in a Securities and Exchange Commission filing, the FT said. According to the filing, QIA’s stake in Tiffany hit 5 percent on December 30 and is estimated to be worth about $437m.